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Information about the austral cod Salilota australis caught in the Patagonian shelf including the area around Malvinas Islands (SW Atlantic)as well as some data from annual research surveys carried out as of 1992 to 1998 were analyzed. On this basis, the fishery was studied and the abundance of the stock inhabiting the area under Argentine control was estimated. To calculate the optimum yield as a function of both age-at-first catch and fishing mortality, the Yield-per-Recruit model was used. Some biological reference points were also identified and an exploitation strategy based on low risk of collapse recommended. Austral cod landings, although small, showed an increasing trend as of 1990 that reached a maximum of 14,900 tons in 1998. Most of the catches (85. ) were obtained by the fleet operating around Malvinas Islands. The main fishing grounds were located SW Malvinas during the spawning season September-October). The austral cod biomass in the Patagonian shelf and adjacent slope, estimated with the swept area method, ranged between 101 and 208 thousand tons during the 1992-1998 period. Assuming fishing mortality rates of around 0.1-0.2, the optimum age at first catch was estimated at about 2.5-3.5 years (sizes between 26.8 and 33.2 cm TL). Age-at-first maturity was higher (4.18 years). The F(0.1)and F(30)biological reference points would be associated to high levels of biological collapse risk and should not be regarded as management objectives. On the contrary, another F reference rate (F(safe)) would allow to keep the stock at biologically acceptable levels in the long term. Considering the mean biomass estimates during the 1992-1998 period, taking F(safe)as an objective would imply allowing a maximum catch of 14,200 annual tons in the area where the Argentine fleet operates.